Economic relations between Somalia and Egypt

 The relations between Egypt and Somalia are characterized by strength and durability. They are historical relations since the era of the pharaohs, specifically when Queen Hatshepsut, the fifth ruler of the eighteenth dynasty, sent trade missions to Puntland, present-day Somalia, to bring in the products of that region, especially incense.

In the modern era, Egypt was the first country to recognize the independence of Somalia in 1960, and the name of the Egyptian martyr Kamal El-Din Salah is still remembered with appreciation, the United Nations delegate to Somalia, who paid his life in 1957 for his efforts for Somalia to gain independence and preserve its unity.

Somalia is one of the most important countries in the Horn of Africa, which plays a major role in controlling the Bab al-Mandab strait, the southern gateway to the Red Sea and the Suez Canal, which has increased its economic and geopolitical importance for Egypt. Egypt supported Somalia in the period that followed independence in various fields, especially in the field of education, where Egyptian schools and teachers were located in Mogadishu, and the Al-Azhar missions and teachers affiliated with Al-Azhar Al-Sharif had a role in spreading science and the true teachings of Islam.

 Economic Relations

Economic relations between Egypt and Somalia have witnessed a steady growth in recent years; Supported by a strong political will and a serious effort to develop future plans and open new doors for cooperation in various fields. The trade balance between Egypt and Somalia amounted to about $88 million in 2017, compared to $54 million in 2016. The Egyptian exports to Somalia are food commodities and building materials And the pharmaceutical sector, while Egypt imports livestock from Somalia. In August 2016, the Egyptian ambassador to Somalia inaugurated the Egyptian-Somali Business Forum under the title (In the Heart of Egypt.

 Energy and water projects are at the top of the areas that can witness a great development between the two countries, especially with regard to solar energy cell projects and networks, especially with the similar climatic conditions of the two countries. Somalis either through the Egyptian national banks “Al-Ahly, Egypt, and Cairo” or in cooperation with the Egyptian Banking Institute. The field of agriculture and livestock is also one of the promising sectors that can be considered as a locomotive for revitalizing economic cooperation between the two countries.

During the years 2015 and 2016, Egypt and Somalia signed memoranda of understanding in many areas such as: health, education, customs, agriculture, livestock, fisheries, and trade. On April 19, 2016, Somalia and Egypt signed a memorandum of understanding in the field of economic cooperation that included the establishment of a trade committee. A joint venture headed by the Ministers of Commerce in the two countries and includes senior officials in the field of trade, to discuss facilitating trade movement, removing all obstacles, and discussing government needs in the areas of infrastructure, maritime transport, health, agriculture, livestock and fisheries.